On June 29, the Valdai Club hosted an expert discussion, titled “BRICS and the Political Economy of the New World Order.”
Under the stress experienced by the traditional institutions of globalisation and global governance, the BRICS association (Brazil, Russia, India, China, South Africa) is becoming the most important centre for the formation of a positive agenda on a global scale. The military-political conflict between Russia and the West, as well as the growing confrontation between the United States and China, has led to an increased threat of a split in the world and the destruction of common interconnectedness, spelling an end for the preservation of free trade and, in general, the ability of mankind to respond to its most important security and development challenges in unison.
The task of BRICS now is not just to harmonise the basic interests of the member countries on the central issues of international governance and development, but to create initiatives and ideas that the widest range of states in the world could join. In part, this may be the result of a hypothetical formal expansion of the BRICS membership, and, to a large extent, the influence of the group and interested states on the agenda of international organisations, as well as the creation of new cross-border projects and cooperation programmes in various fields. This could serve as the basis of a new type of global political and economic structure based on the equality of participants and their equal benefit.
The central question that arises is the following: What contribution can the BRICS make to maintain global stability and solve the main tasks facing all countries of the world? Participants in the discussion tried to answer these and other questions.